Erasca (NASDAQ:ERAS) Shares Up 7.6% - What's Next?

Shares of Erasca, Inc. (NASDAQ:ERAS - Get Free Report) traded up 7.6% during mid-day trading on Thursday . The company traded as high as $2.74 and last traded at $2.70. 204,107 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 1,595,022 shares. The stock had previously closed at $2.51.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. HC Wainwright reiterated a "buy" rating and set a $6.00 target price on shares of Erasca in a report on Wednesday, November 13th. The Goldman Sachs Group boosted their target price on shares of Erasca from $3.00 to $3.50 and gave the stock a "buy" rating in a research report on Friday, October 25th. Finally, Jefferies Financial Group assumed coverage on Erasca in a research note on Monday, November 18th. They set a "buy" rating and a $6.00 target price for the company. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Erasca presently has a consensus rating of "Moderate Buy" and an average price target of $5.90.

Erasca Stock Performance

The company has a market capitalization of $763.36 million, a price-to-earnings ratio of -3.25 and a beta of 1.20. The company's fifty day simple moving average is $2.77 and its two-hundred day simple moving average is $2.73.

Erasca (NASDAQ:ERAS - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, topping analysts' consensus estimates of ($0.17) by $0.06. Sell-side analysts anticipate that Erasca, Inc. will post -0.73 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ERAS. State Street Corp raised its holdings in shares of Erasca by 145.2% during the third quarter. State Street Corp now owns 6,027,620 shares of the company's stock valued at $16,455,000 after buying an additional 3,569,440 shares during the last quarter. Barclays PLC increased its position in Erasca by 627.5% in the 3rd quarter. Barclays PLC now owns 343,930 shares of the company's stock valued at $939,000 after acquiring an additional 296,657 shares during the period. The Manufacturers Life Insurance Company raised its stake in Erasca by 27.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company's stock valued at $113,000 after acquiring an additional 10,164 shares in the last quarter. Fred Alger Management LLC acquired a new position in Erasca during the 3rd quarter worth $630,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Erasca in the third quarter worth $994,000. 67.78% of the stock is owned by institutional investors and hedge funds.

Erasca Company Profile

Erasca, Inc, a clinical-stage precision oncology company, focuses on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers. The company's lead product is naporafenib which is in phase 1b trial for patients with RAS Q16X solid tumors and plans to initiate a pivotal Phase 3 trial for patients with NRASm melanoma.